Saudi Company for Hardware’s (SACO) shareholders approved a 50 percent capital hike to SAR 360 million from SAR 240 million through the issuance of one bonus share for every two shares held, the company said in a statement to Tadawul on Tuesday.

 

The company will recapitalize SAR 62.3 million from its statutory reserve and SAR 57.7 million from retained earnings to fund the capital increase.

 

Key Figures of the Capital Hike

Current Capital

SAR 240 mln

Number of shares

24 mln shares

Hike (%)

50% (1-for-2 bonus shares)

New Capital

SAR 360 mln

Number of shares after increase

36 mln shares

Record date

The second trading day after the general assembly meeting

Driver

Boost the company’s capital to go in line with total assets

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